Rivian Automotive (NASDAQ:RIVN) PT Lowered to $13.00

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by equities research analysts at Needham & Company LLC from $18.00 to $13.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 50.64% from the stock’s current price.

A number of other research firms have also recently commented on RIVN. Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. Robert W. Baird lowered their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Bank of America lowered their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Barclays lowered their target price on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating for the company in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Rivian Automotive Price Performance

RIVN opened at $8.63 on Thursday. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. The company has a fifty day simple moving average of $11.54 and a 200 day simple moving average of $15.93. The stock has a market cap of $8.44 billion, a P/E ratio of -1.50 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, research analysts expect that Rivian Automotive will post -4.8 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 in the last three months. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. increased its stake in Rivian Automotive by 195.0% in the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 975 shares during the last quarter. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $26,000. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the third quarter worth $27,000. Resurgent Financial Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth $30,000. Finally, MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after purchasing an additional 1,000 shares during the period. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.